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Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the past few years, as more and more traditional banks were exiting the shipping segment. At the present time, the above problems have been aggravated further by a collapsing dry bulk market and an ongoing Euro crisis, said Mr. George Lazaridis, Head of Market Research & Asset Valuations with Allied Shipbroking.
According to Mr. Lazaridis “most of these owners, holders of up to five vessels, have been reduced in number considerably over the past 5 years, pressured by a lack in earnings and tougher conditions and low availability in bank finance since the 2008 onslaught. The problems for this significant group of Greek ship owners have been mentioned over and over again. Most of the traditional banks had already retract-ed much of their lending capacity and on the basis that they would take a more con-servative approach to new loans, most of these lenders chose to focus on a smaller cli-entele of larger more prominent names. What made things even worse was the pilling on of new sources of finance, brought about by the numerous funds which got enticed to enter the market supporting only owners of larger fleets and pushing for them to purchase more modern tonnage as well as newbuilding ordering. Having been left out from this inflow of cash has cost most of the smaller owners dearly, as with the excep-tion of the ones holding cash reserves, the rest were left out of any opportunities to modernise their tonnage during a time were prices reached highly enticing levels. This in turn means that most of these owners have been left with overage units which are put under more pressure in the chartering market”, Lazaridis noted in the shipbroker’s latest weekly report.
He went on to note that “what changed now, is that the current conditions in the dry bulk freight market (a mar-ket where most of these small to medium sized owners are involved in) has been hit hard, squeezing earnings down to a minimal. Under such times, owners which would have liked to be able to refinance their vessels in order to achieve a better position in terms of cash flow, have little choice, while those holding overage units are even pushed towards the difficult decision of selling their only vessel for scrap (noting here that scrap prices have taken a strong tumble recently). At the same time the few which were still able to find some support from the Greek and European banks which were still willing to keep their long relationships with these owners, found themselves under pressure as the current problems tackled in Europe are causing a further cautioning by banks which are afraid of being caught up in further restrictions of available cash as well as losses brought about their exposure in sovereign debt bonds and in general a higher rate of loan defaults. For anyone who has been around for many years in the shipping industry, this is nothing new and during past market collapses there has al-ways been many which have found themselves being pushed out of the market”.
Allied’s analyst added that “this time around though it is vital that we have a continuation of this large group of Greek owners (accounting for over half of Greek shipping companies), as they are the ones which are likely to provide the largest portion of support from shipping to the Greek economy during its time of difficulty, continually providing a stream of earnings into the country through the export of a very competitive service and as such support-ing the countries trade balance. Nevertheless, even with an exit of a number of these owners, it will likely be only a temporary one, as the other end of the cycle usually brings an opposite effect. Greek shipping is going through one of its most testing times and it will show its true worth after managing to make it through the worst crisis seen during the past three decades”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Australian Coal Association
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- The University of Queensland
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
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